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Messages from BCs on ‘super Wednesday’, bankruptcy of Itapemirim and what matters in the market


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The ‘Super Wednesday’ announcements

On the day known as “super Wednesday” in the financial market, the Central Bank kept the Selic at 13.75% per year, ending its longest monetary tightening cycle, and the Fed raised interest rates by 0.75 point, to a level between 3% and 3.25% per year, the highest since 2008.

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In Brazilthe interest rate maintenance came in line with most market expectations – a minority was betting on a 0.25 point increase.

  • The country is ahead of the highest real interest rate (which discounts inflation) among 40 economies, see the ranking here.

What explains the decision: as there is a delay in the effect of interest on the economy, today’s decision has an impact on inflation for part of next year and a little for 2024.

  • For 2023, market projections have been receding. For 2024, they rose to 3.5%, above the 3% target, with some analysts expecting a drop in interest rates as early as the beginning of next year.
  • The communiqué from this Wednesday’s meeting came hard, to try to dispel that view: “[O BC] will not hesitate to resume the adjustment cycle if the disinflation process does not proceed as expected”.
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In the USA, the chat is different. There, the bullish cycle is far from over, an assessment that is reinforced by August’s surprising inflation. The job market also remains heated, a factor that makes it difficult to control inflation.

  • What most surprised analysts there and helped the stock markets to retreat on the day was the projection of Fed members for the interest rate at the end of the year. she went from 4.4% at the median, 0.25 point above market calculations.

What changes in investments?

Even with the maintenance of the Selic, the attractiveness of investments in fixed income remains high, even more so when considering the recent drop in inflation projections.

  • Incentivized debentures and LCIs (Mortgage Letters of Credit) and LCAs (Agribusiness Letters of Credit), exempt from IR (Income Tax), offer the best returns, according to a survey by financial search engine Yubb.
  • Find out here how much BRL 1,000 earn in savings, CDB and Treasury with Selic at 13.75%.

Itapemirim is declared bankrupt

The Itapemirim Group had its bankruptcy decreed this Wednesday by the São Paulo Court of Justice.

Understand: the decision takes the company out of the judicial recovery process (when there is an attempt to negotiate with creditors) and puts it in bankruptcy.

  • The determination is that the trustee sell all assets of the bankrupt estate within a maximum period of 180 days. Tax debts amount to approx. BRL 2.8 billion.
  • The judge also warned in the decision that the partners and administrators may have preventive detention ordered if there is evidence of a crime provided for in the bankruptcy law.

And now? The court decision authorizes the emergency lease for at least 12 months of all lines, counters, brands and part of Itapemirim’s operational properties to Suzano Turismo.

  • THE Sheet showed in July that the carrier’s proposal was considered advantageous by the administrator of the judicial reorganization process.

Remember the history of Itapemirim: Founded in July 1953 by former World War II fighter Camilo Cola, the road transport company was sold for R$1 in 2017 to Piva, who promised to settle its debts.

  • He has a trajectory marked by accusations of unfulfilled contracts and lawsuits. This year, he had his passport seized and was removed from the management of Itapemirim.

Itapemirim and Sidnei Piva did not respond to contact attempts.

Who is the Indian who surpassed Bezos?

Coal tycoon Gautam Adani, owner of India’s largest business conglomerate and an ally of the local government, ousted Jeff Bezos as the second richest person in the world.

According to Bloomberg’s billionaire ranking, he is second only to Elon Musk.

In numbers: Adani has an estimated fortune of $150 billion (about R$775 billion), while Bezos adds US$ 145 billion (R$749 billion), and Musk leads with US$ 268 billion (R$ 1.385 trillion).

What explains: The variation in the fortunes of tycoons is strongly linked to the rise and fall of the shares of their companies.

  • While Adani’s benefited from the war’s expensive energy, big tech founders saw their fortunes recede as US interest rates hit the tech stock.

Who is Adan? 60 years old, it has a conglomerate of companies in several sectors. Coal mining, port and airport management, cement manufacturing, gas distribution and renewable energy production are the main areas of activity.

  • The recent growth of his fortune is closely linked to the figure of Prime Minister Narendra Modi, who took office in 2014.
  • The two hail from the same region of the Indian state of Gujarat, and Modi used one of Adani’s corporate jets to carry out his campaign, according to the Times of India.
  • In 2018, the Indian government amended a rule allowing companies with no experience in the airport management industry to participate in terminal auctions.
  • The main beneficiary was Adani, who at the time won the six airports in the auction and became one of the biggest operators in the sector overnight.

Your goals for the future are linked to Modi’s: energy transition. Although his fortune was built with coal, the Indian tycoon has pledged to invest US$70 billion (R$ 361 billion) in renewable sources.

Queue for stickers in Argentina

“No hay figus”. This is what usually appears in handwritten advertisements on many newsstands in the Argentine capital. In places where there are stickers, the wait in line can last for hours.

The lack of the item so dissatisfied the population that the government decided to join the country’s kiosks and stalls union with Panini, official manufacturer of the World Cup album, to find a solution to the problem.

the complaint of local sellers is that the manufacturer has prioritized distribution to supermarket chains and online shopping platforms, such as Mercado Libre.

  • There are also reports that people took advantage of the high demand to buy large quantities and then resell in the parallel market, at a much more expensive price.

In numbers: the official prices suggested by the company are 150 pesos for a pack of 5 stickers (US$ 1 or R$ 5.35) and 750 pesos (US$ 5.18 or R$ 26.75) for the album. In Brazil, the package costs R$4.

the opposition he questioned the government’s definition of priority, which deployed advisers to solve the problem of the stickers while the country faces annual inflation of more than 70%, with a lack of imported products, an increase in poverty and unemployment.

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